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The Latest Breaking News from the Financial Ombudsman Service

Ombudsman proposes changes to interest levels applied to compensation

The ombudsman can currently direct businesses to pay 8% interest on top of the compensation for the period their customer was out of pocket.

Evening Standard

‘High numbers’ of motor finance commission complaints seen by ombudsman service

The Financial Ombudsman Service said it is putting steps in place to ensure it can resolve motor finance commission gripes ‘as quickly as possible’.

Evening Standard

Ombudsman service is handling more than 60,000 motor finance commission cases

The number of cases represents ‘quite a significant block of work’ MPs on the Treasury Committee were told.

Evening Standard

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Financial ombudsman to charge claims management firms £250 to refer a case

The move aims to make funding arrangements fairer and encourage professional representatives to submit better-evidenced complaints, the service said.

Evening Standard

Financial Ombudsman Service chief quits months after Reeves’ call for reform

Abby Thomas has stepped down following criticism over the ombudsman service’s role in the motor finance commission scandal.

The Independent UK

Scams and fraud expected to account for a third of cases taken to finance ombudsman this year

The Financial Ombudsman Service encouraged those affected to step forward to help solve ‘complex’ cases

The Independent UK

Scams set to account for third of banking and loan cases in 2025-26 – ombudsman

The Financial Ombudsman Service said crimes can be complex and incredibly convincing, and no-one should be afraid to come forward.

Evening Standard

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Uncertainty over UK car finance scandal is putting off investors, warn CEOs

Industry figures say unknown compensation bill makes it ‘difficult to operate’ owing to fears of ‘retrospection’

The Guardian - UK

Fraud and scam complaints at highest quarterly level recorded – ombudsman

The Financial Ombudsman Service said it is seeing increasingly complex complaints with funds passing through several banks.

Evening Standard

Issues with mass financial complaints to be put under spotlight

Sudden and significant increases in complaints can cause firms to struggle to effectively respond, delaying any customer redress, the ombudsman said.

Evening Standard

Rachel Reeves vows to rip up financial red tape and create pension ‘megafunds’ in first Mansion House speech

In her first Mansion House speech as Chancellor, Rachel Reeves announced plans for megafunds which she said could unlock £80 billion for investment

Evening Standard

Pension ‘megafunds’ will boost growth and reward British savers – Reeves

In her first Mansion House speech as Chancellor, Rachel Reeves announced plans for megafunds which she said could unlock £80 billion for investment.

The Independent UK

UK’s financial ombudsman ‘misleads consumers it is supposed to help’

University researchers have accused the service of overstating the number of cases it has upheld in favour of the people who complain to it

The Guardian - UK

Ombudsman highlights credit rule myths that could stop people getting a refund

The Financial Ombudsman Service has said several misunderstandings exist around how Section 75 of the Consumer Credit Act works.

Evening Standard

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The Independent UK

Car modification pitfalls can leave owners thousands out of pocket – ombudsman

Vehicle owners have been left to pay big sums because they have unknowingly invalidated their car insurance, the Financial Ombudsman Service warned.

The Independent UK

Fraud and scam complaints hit highest level recorded by ombudsman service

The Financial Ombudsman Service said it is receiving, plus resolving, a total of about 500 fraud and scam complaints per week typically.

The Independent UK

70% surge in complaints about financial products recorded by ombudsman

Credit cards were the most complained-about product between April and June, the Financial Ombudsman Service said.

The Independent UK

Consumer duty already having ‘tangible impact’ on customer outcomes

Financial Conduct Authority boss Sheldon Mills was speaking a year after the launch of the measure to improve consumer protection standards.

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The Independent UK

Banking complaints reach highest level in a decade as current account gripes soar

Consumers brought 24,402 credit card complaints, mostly due to perceptions around unaffordable or irresponsible lending

The Independent UK

New charges for claims management firms proposed by financial ombudsman

The proposals to charge claims managers up to £250 reflect a fairer allocation of costs, the Financial Ombudsman Service said.

The Guardian - UK

‘Unfair banking’ and ‘damaging’ financial rules harming UK’s small firms, MPs warn

Treasury committee says ‘debanking’ and use of personal guarantees for loans is putting small businesses at risk

The Guardian - UK

Starling bank refused a £10,000 scam refund for my grieving, ill husband

The scammers struck two days before he was due to have major heart surgery, and in the midst of grieving for our daughter, who was murdered overseas

The Guardian - UK

What to do when you think you have been scammed

Speed is of the essence, so here are some steps to follow if you suspect fraud

The Independent UK

Motor and buildings insurance complaints to ombudsman hit five-year high

From April to June, the Financial Ombudsman Service received 3,869 complaints about car and motorcycle insurance and 1,776 buildings cover cases.

Evening Standard

NatWest boss Dame Alison Rose quits after admitting Nigel Farage leak to BBC

An emergency board meeting was called late on Tuesday, with the announcement of Dame Alison Rose’s resignation a few hours later

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